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Arlington Heights division of marital property attorney

According to research by the American Pet Products Association (APPA), 68 percent of U.S. households include at least one pet. Pets are often considered members of the family. Owning a dog, cat, or another animal has social and emotional benefits for adults and children alike. Pets are technically considered property, but under Illinois law, they are treated differently than a house, car, or other physical assets during a divorce. Therefore, it is important for pet owners who are divorcing to understand their rights regarding who gets to keep the family pet. 

Marital Property and Equitable Distribution

Under Illinois divorce law, marital property is divided based on what is fair. This is called “equitable division.” Instead of a 50/50 split of assets, property and assets are split dependent on factors such as the length of the marriage, each spouse's contributions to the marriage, and the decisions made regarding the custody of children. Every divorce is unique, and an arrangement that may work for one couple may not work for another family. 

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Palatine high asset divorce lawyer

When celebrities go through a divorce, everyone talks about the settlements. These high asset divorces are interesting because of the extraordinary dollar amounts in the millions and billions. For example, Jeff Bezos, the CEO of Amazon, gave up a quarter of his shares in the company to his ex-wife, and he is still the most wealthy man in America. Celebrity divorces are in the news a lot, but it does not take a famous person to have a high asset divorce.

Division of Marital Assets

In traditional gender roles, a man may have taken control of the finances. However, in modern times, there are more households with dual incomes where spouses share equal financial responsibility. Financial matters between a couple can be a breaking point in a marriage. Money is a major stressor in a relationship and is one of the leading reasons people choose to get a divorce. Studies show that the larger the difference between a couple’s credit scores, the more likely their marriage will end in divorce within five years. 

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Arlington Heights marital property division lawyer

When a married couple gets divorced, they must split up the life they created together. When it comes to dividing property, there are many factors that determine who gets what during a divorce. However, each spouse is entitled to receive a fair portion of the marital assets. During divorce, it is best to seek legal counsel in order to understand your rights and the best approach to take as you determine how to divide your marital property. 

Equitable Distribution 

In the state of Illinois, marital property is divided using a system of equitable distribution. While this term may lead one to believe that property is divided equally, this is not necessarily true in every case, and property will be divided based on what is fair for both spouses. There is rarely a 50/50 split of property during a divorce. What is determined to be fair by the courts is based on a variety of factors, including: 

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